For all the talk of central banks launching digital versions of national currencies, only three projects have fully launched. For a host of reasons, we likely won’t see a global rollout of these difficult-to-build and not-particularly-wanted initiatives, says Fiorenzo Manganiello, co-founder and managing partner of investment firm LIAN Group.

CBDCs have been a hot topic for a while, with governments trialing pilot schemes and conducting research. But it's all talk. The reality is that globally, CBDCs are going nowhere for at least 20 years.

Research into CBDCs has been going on around the world for the last decade and has increased rapidly over a short space of time. In 2020, only 35 countries were exploring a CBDC – now, according to the Atlantic Council, the figure stands at 134.

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